why i think a deal will happen, page-12

Fair enough Harry, thanks for the clarification.

If I was Dingyi though, I would not want to pay 66c for these shares now, especially when they can get them for 34c via the convertible notes.

If I was Dingyi I would offer ELM another $20 or $30 million loan for more convertible notes on the same terms (or better) as the current ones, and pick up even more shares at 34c or less, lowering my average right down. Remember, Dingyi aren't worried about dilution, they are a shell for a Chinese state owned enterprise, the goal is the deposit, not the share structure.

At least, that is what I would do if I was Dingyi, but you are probably correct, and Dingyi just want to buy all the shares at 66c as soon as possible. I hope this is the case, especially for current shareholders. I hate to see these good stocks go down and get mistreated, it's just not a fair market place that we deal with these days.

Gw